Game simulating operations of the stock market and the like



J1me 196 P. c. KOLLMEYER ETAL 3,

GAME SIMULATING OPERATIONS OF THE STOCK MARKET AND THE LIKE Filed March 29, 1963 4 Sheets-Sheet 1 I7 I T u ii l3 i 2 l4 FIG-2 INVENTORS. Paul C. Kollmeyer Ira B. White ATTORNEYS June 1966 P. c. KOLLMEYER ETAL 3,

GAME SIMULATING OPERATIONS OF THE STOCK MARKET AND THE LIKE 4 Sheets-Sheet 2 Filed March 29, 1963 BOARD 0 3n 5 m mx mm; hm 5 O 5 O 5 O 5 O 5 M w w M M a a w a a w w o s e Y T m H A E WW M V m. m C a T m VA 0 P Y B 3 m F m P I '4 I I 5 w/ G 2 V I V F u June 1966 P. c. KOLLMEYER ETAL 3,

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Paul C. Kollmeyer ATTORNEYS June 7, 1966 P. c. KOLLMEYER ETAL GAME SIMULATING OPERATIONS 05 THE STOCK MARKET AND THE LIKE Filed March 29, 1963 4 Sheets-Sheet 4 FIG. 6 W

5O SHARES 5O SHARES oo SHA ES I00 SHARES 500 SHARES 500 SHARES GREEN LINE, LTD.

IOOO SHARES RED CHANCE ENTERPRISES 5O SHARES E IOO SHARES BLUE CHIP, INC.

FIG. 8

I00 SHARES "SOLD SHORT" RED CHANCE ENTERPRISES INVENTORS.

Paul C. Kollmeyer Ira B. White B wwlw ATTORNEYS United States Patent O 3,254,894 GAME SIMULATIN G OPERATIONS OF THE STOCK MARKET AND THE LIKE Paul C. Kollmeyer, Littleton, Colo. (P.0. Box 242,

Birchrunville, Pa. 19421), and Ira B. White, Albuquerque, N. Mere; said White assignor to said Kollmeyer Filed Mar. 29, 1963, Ser. No. 269,087 9 Claims. (Cl. 273135) This invention relates to games and particularly to an improved game wherein the play simulates the transactions on the stock market and the changes of fortune resulting from such transactions".

Many games provided for amusement and education have been based on transactions in various investment fields and on the changes in fortune in the life of a person. These games include those based on transactions on the stock market and involving the simulated purchase, holding and sale of securities and have met with varying degrees of success. Such games may involve both chance and skill and attempt to hold the players interest by introducing a sufficient element of competion.

It is an object of the present invention to provide a game based on the transactions incident to investment in common stocks and including an improved arrangement for holding the players attention and interest.

It is another object of this invention to provide an improved game of the type including chance and skill and which simulates transactions incident to investment in common stock.

It is another object of this invention to provide a game of skill based on the stock market and including an improved arrangement for simulating transactions and graphically illustrating the performance of selected stocks.

Briefly, in carrying out the objects of this invention a game apparatus is provided which includes a first set of-ca'rds or slips representing common stock shares in a plurality of companies and a second set representing money, a chance device which may be operated to represent the changes in the fortunes of the several companies, and a chart arranged with holes in a grid portion for receiving pegs to plot the chart of performance of the stock of each company during a game. These components make it possible to play a game wherein each of a plurality of players starting with the same amount of money may purchase, hold or sell stocks in accordance with his own judgment, aided by the performance of the stocks as indicated by the chart produced during the game. The game is both entertaining and educational. The winner is the player having the largest amount of stock values and money at the end of a selected period of time or a selected number of operations of the chance device.

The features of novelty which characterize this invention are pointed out with particularity in the claims annexed to and forming a part of this specification. The invention itself, however, both as to its organization and as to its use, together with further objects and advantages thereof will be better understood upon reference to the following description taken in connection with the accompanying drawings in which:

FIG. 1 is a plan view of a chance device suitable for use with the invention;

FIG. 2 is a sectional view along the line 2-2 of FIG. 1;

FIG. 3 is a chart board for use with the invention;

FIG. 4 is a sectional view of a portion of the board along the line 44 of FIG. 3;

FIG. 5 is a reference table for facilitating the calculation of values;

the disc has stopped.

- been found preferable to use a separate spin for each stock 3,254,894 Patented June 7, 1966 FIG. 6 is a plan view of cards or slips representing shares of stock used in the game;

FIG. 7 illustrates cards or slips representing money and employed in the game; and

FIG. 8 shows one of the cards of FIG. 6 turned over to represent stock sold short.

Referring now to the drawings, in the course of a game employing the illustrated apparatus each player is provided with an equal amount of money represented by the cards of FIG. 7 and may purchase shares of common stockin any one or more of the three companies. represented by the certificates shown in FIG. 6. The performance of the stocks is determined by operation of the chance devices of FIG. 1 and the record of performance of each stock during the game is made on the market board illustrated in FIG. 3. The players may buy or sell stock as their turns occur during the game and the reference table of FIG. 5 facilitates their calculations of the values of their shares or shares to be purchased as the prices vary on the chart. During the course of the game the players may also gain or lose because of the payment of dividends or the assessment of their shares. The performance chart provides a record of the three stocks durings the course of the game and enables the players to base their sales and purchases of stock on their respective judgments as to the further performance of each stock. This provides an interesting and exciting feature of the game and results in a realistic different performance of the shares for each game.

Referring further to the drawings, FIGS. 1 and 2 illustrate one form of chance device which may be employed to govern the performance of a plurality of different common stocks during the course of a game. The device comprises a circular disc- 10 which may be molded from plastic or other suitable material. The disc is formed as an inverted dish having a downwardly extending peripheral flange 11 and a central cylinder raised portion 12. The disc is mounted for free rotation on a post 13 projecting up from a flat circular base 14; the post enters a boss or socket 15 formed in the portion 12 and has a point 16 formed at its top to provide a pivot bearing. A second post 17 extends upwardly from the-base 14 outside the periphery of the disc 10 and has a pointer rod or bar 18 secured therein and extending just above the surface of the disc 10 and radially thereof. The post 17 is molded on a lug or extension 20 of the base 14. Thus when the disc 10 is spun on the pivot 16 the surface passes below the bar 18.

The top surface of the main portion of the disc 10 is marked in three concentric bands 21, 22 and 23 of equal radial width and each marked in a plurality of equal segments, the bands 21, 22 and 23 having twenty, fifteen and ten segments, respectively. The segments are marked with indications of'changes of fortune in the common stocks represented by the respective bands. The band 21 represents performance characteristics of a so-called blue chip stocka relatively safe investment. The band 22 represents performance characteristics of a so-called growth stock which involves greater risk than the blue chip. The band 23 represents performance characteristics of a speculative stock which involves substantial risk. Each of the bands 21, 22 and 23 preferably is marked in a distinctive color, say blue, green and red, respectively. The changes of fortune which are indicated on the segments are selected by spinning the disc 10 and noting the segment which lies under the bar 18 when In the course of the game it has in succession.

The segments of each band are marked to indicate price changes to be expected for the type of stock represented by the band. Thus no dividends are paid by the speculative shares and higher dividends are paid by the blue chip stock than for the growth stock. The marking of the segments of bands 21, 22 and 23 as indicated provides a net of values of the changes which is substantially on the plus side for the band 21, somewhat on the plus side for the band 22 and net Zero for the band 23.

Thus it will be seen that the characteristics of the three stocks are determined by the manner in which the bands are marked and evaluated but that the actual performance depends upon the operation of the chance device in any one game. The performance in one game thus is not a true measure of what the performance of the same stock will be in the next game. Thus the player must watch the progress of the stocks on the chart of FIG. 3 and not depend solely upon the odds determined by the chance device. The accumulated performance of the shares determines the price at the end of each spin of the chance device, and each player must watch the chart of all his stocks to judge and determine what he should do next to better his position in the game by the purchase or sale of stocks.

As shown in FIG. 3, the chart or market board is rectangular and is marked in a grid pattern of equally spaced horizontal and vertical lines indicating stock prices in dollars and number of plays, respectively. Every fifth line both horizontal and vertical is made heavier to facilitate quick-location of the cross points on the chart. The board is of substantial thickness and each cross point or intersection of the grid pattern is provided with a hole 24 formed as shown in FIG. 4 to receive markers or pins 25. The heads of the pins preferably are provided in three colors corresponding to the colors of the bands 21, 22 and 23.

At the beginning of play, pins are placed on the zero play line at the $40, $20 and $5 points to represent the initial market price of the respective shares represented by the bands 21, 22 and 23. On each successive play, pins are inserted in the chart to represent the previous price with an added or subtracted value or no change depending upon the reading of the chance device of FIG. 1. The price of each stock changes except when a dividend is paid or an assessment required.

Representative or sample performance curves for the three stocks are indicated by pin positions in FIG. 3. In the case of the blue chip stock starting at $40 per share the price has reached the top of the chart at the twentyeighth play and a stock split has been declared in accordance with the rules of the game, the player owning such shares receiving again as many shares on the split and the price of each share being reduced to $30 as indicated by the second marker 25a along the twenty-eighth play line. A split may, of course, occur in the stock of any one of the represented companies. If two stocks reach the same price on the same play a two-color marking pin may be used as indicated at 25b at the $18 price line for the twenty-eighth play. Should any stock price fall to zero as is indicated 'by the seventh point for the speculative stock in FIG. 3, the company is declared bankrupt and all players must surrender their shares. The stock is then reset at the original price and play is res'umed as indicated by the continuation of the curve from the $5 value at the point representing the seventh play in FIG. 3.

FIG. 5 provides ready calculation of the values of shares in multiples of fifty shares up to one thousand shares and at prices varying from one dollar to sixty dollars. This enables each player to determine quickly shares for the growth stock, and certificates for fifty and one hundred shares for the blue chip stock. During the game, using this example, shares must be purchased in multiples of fifty. The denomination of the certificate is also printed on the back with the words Sold Short to facilitate the use of the certificates to represent short sales in a manner to be described below in connection with FIG. 8.

The slips representing money may be printed in any convenient denominations and in the illustrated embodiment the money slips represent fifty, one hundred, five hundred, one thousand, and five thousand dollars.

The 'game apparatus as described above is suitable for a game in which any number of players up to a preferred limit of eight may be engaged. By recording the changes of fortune of the several stocks on the marked board, FIG. 3, the game is centered on the performance the price of the number of shares of any stock which he In the illustrated embodiment this makes it possible to select the players to act in performing the functions of three offices required in the game. For example, one player should act as a stock broker and handle the distribution of the shares of stock certificates and the money. Another player should spin the change indicator and report in turn the action with respect to each stock, and another player may be appointed torecord the stock prices on the market board of FIG. 3 by placing the required colored pegs on the board corresponding to each of the stocks.

At the beginning of the game each player is issued an equal amount of cash, say $10,000, and is given a copy of the price chart or calculating table shown in FIG. 5. The player designated as the recorder and who is in charge of the market board, FIG. 3, places the respective colored pegs on the board at the zero line for each of the stocks, and in the example illustrated the speculative stock, indicated by a red peg, is started at the $5 price level, the growth stock, indicated by a green peg at $20, and the blue chip stock, indicated by a blue peg, at $40. Because the market board is the center of operations, it should be placed where all players can readily see the curves formed thereon by the insertion of the pegs, and, for this reason, the recorder normally will place the board facing away from himself so that the other players may have it available for easy reference.

At the beginning of the game the broker offers all players stock at the sales prices indicated along the starting line of the market board and each player then has the privilege of buying the number of shares which he desires within the limits of his initial amount of cash. Purchases are necessarily at multiples of $50, this being the limitation of the illustrated embodiment of the game apparatus. All money paid to purchase stocks is paid to the stock broker, who then issues the certificates to the purchaser. Each purchaser has ready reference to his price chart in order to minimize the time required for calculating the sales price of the stocks. It will be observed -on this price chart that the price of stocks is given at per share values ranging from $1 to $60 and that the total purchase price for multiple shares is indicated under the respective numbers set forth in multiples of fifty up to one thousand.

The players select stocks which they Wish to purchase in accordance with their own judgment and as the game progresses may either purchase more shares or sell their holdings depending upon their judgment as to the performance to be expected. As a general rule, the blue chip shares will represent a reasonably safe investment with a steady increase in value and payment of dividends. The growth stock is cyclical but pays some dividends and rarely goes bankrupt. Its increase in value'is not as sure as that of the blue chip and profits and losses may occur more quickly. The speculative stock can be expected to vary widely and quickly and may double its value and just as easily go bankrupt. It pays no dividends. With these characteristics in mind, each of the players, using the performance information on the market board, may exercise his own judgment as to the holdings which he should have in each of the stocks and as to the further purchases and sales which will best advance his own fortune.

The object of the game is to secure the greatest cash accumulation during the course of the game, and the game usually is terminated after forty operations of the chance device for each stock as represented by the full width of the market board FIG. 3. Additional or wider boards may, of course, be provided if the game is intended to be carried beyond the forty change limitation of the board of FIG. 3.

The player who spins the chance device calls out the increase or decrease in value of each stock in turn, a separate spin being employed for determining the change for each stock. Should the chance device require payment of a dividend or an assessment, the peg is inserted in the next column of the market board at the same value, the price of the stock not changing. The payment of the dividend to the player or the payment of an assessment by the player to the broker is made at the time the chance device indicates the payment. After each set'of changes of all stocks has been recorded on the market board the players have the privilege of buying more stocks or selling stocks from those which they hold, these transactions being completed with the broker and at the prices indicated at the latest column on the market board, in other words at the price resulting from the last spin of the chance wheel for each of the companies.

As the prices of the shares vary on the market board, it may happen that one of the curves will reach or exceed a predetermined top line or value for its represented stock. At this time a stock split is declared and the peg for that stock is moved down to the split price. For example, if the blue'chip stock reaches the top of the board at $60, the price per share is dropped to $30 and each player is issued as many additional shares of the stock as he then holds.

No additional money is collected for the shares at the time of the stock split. In determining when a split shall occur, the price for splitting the growth and speculative stocks is preferably lower than the price for the blue chip stock, as indicated. For example, the growth stock may be split when it reaches a value of $40 per share and the speculative stock when it reaches a value of $30 per share, the price of these stocks being reduced to $20 per share and $15 per share, respectively. The result of the stock split is a vertical jump downward in the price per share of the stock as indicated on the market board at column 28 where the blue chip stock reached the price of $60 and has been reduced to $30, a peg being placed directly under the $60 price peg on the line 28 to indicate the price at the time of the stock split.

Should any of the stocks reach Zero during the play as indicated by the market board, the company represented by that stock is then declared bankrupt and all players owning shares are required to return them to the broker and receive no cash refund. The occurrence of this bankruptcy has been indicated on the chart board, FIG.- '3, for the speculative stock which at the seventh turn of play has reached zero. All shares then being returned to the broker, the stock is again placed on the market, its price being reset at the original sales price indicated at $5 for the speculative stock, the peg for the $5 value being placed immediately above the bankruptcy peg in column 7 of the market board. After resetting the price in this manner the players are again privileged to buy shares of the speculative stock and the game proceeds as before.

The game thus proceeds until the performance curves on the market board have reached the right end of the board in column 40, which terminates the game. Each player then totals his net Worth, comprising cash on hand and the final cash value of stocks owned by him. The winner is the player -having the largest net worth at the end of the game.

To provide a variation in the game, stocks may be sold short as indicated by turning the stock certificate over to expose the short sale marking shown in FIG. 8. When a player believes that the stock is going to fall below its value as represented on the market board, he may sell short by telling the broker the amount of stock which he wishes to sell short. The broker then issues him the number of shares face down so that the sold short side is showing, together with money equal to the then value of the stock which is placed under the face down stocks. The player then places an equal amount of his own money under the sold short stocks and this money cannot be used for any other transactions as long as the sold short stocks are held. When the player decides to cash in the sold short stocks and close out his short position, he takes the money from under the sold stocks and returns to the broker the sold short stocks and money equal to their then value.

Dividends on stock sold short are paid to the broker and assessments to the player, the reverse of the procedure on regularly held stocks. If a player holds sold short stock at the end of the game, he must cash this in in thesame manner as when he closes his short position during the game. In the event that a stock split occurs while a player is holding stock sold short, the broker issues that player as many additional sold short shares as he already holds. No additional money is required to be placed under the shares, however.

It will thus be apparent that each player throughout the game has an opportunity each time a change of fortune has been effected for each of the companies to buy or sell stocks in accordance with .his own judgment as to the significance of the curves on the market board. Each player determines the number of shares which he will purchase or sell and the companies in which he will make his investments or sales and in this way he is independent of the other players and all the players enjoy the competitive play in the sense of controlling their own fortunes.

While the invention has been illustrated in connection with specific structural arrangements of the apparatus, various modifications and other applications will occur to those skilled in the art. Therefore it is not desired that the invention be limited to the details illustrated and described and it is intended by the appended claims to cover all modifications which fall within the spirit and scope of the invention.

We claim:

1. A game apparatus comprising a multiplicity of pieces representing money, a multiplicity of pieces representing stock certificates of each of a plurality of companies, a chance means for determining changes in fortune of each of said plurality of companies, said chance means including a discrete portion for each respective company and changes of fortune indicated on each portion for the respective company, the summation of the indicated changes of fortune for each respective company providing a different probable net change of fortune, each of said portions being provided with a different distinct identification, and chart means for plotting curves representing the respective performances of said stocks in a multiplicity of steps spectively, to the identification of one of said portions whereby the matching of said distinct identifications of portions and curves and the plotting of the curves accordingly eifects the production of a performance curve for the individual stock of each company.

2. A game apparatus as set forth in claim 1 wherein said chart means comprises a board having holes spaced in a grid pattern to provide sets of parallel rows of holes at right angles to one another one set representing the price of the stock and the other the number of steps of said chance device, and a multiplicity of marker elements for insertion in said holes to indicate the successive values of each stock.

3. A game apparatus as set forth in claim 1 wherein said discrete portions of said chance means comprise a plurality of concentric indicating rings, each of said rings being marked to represent said changes in fortune of a respective different one of said stocks.

4. A game apparatus as set forth in claim 1 wherein said distinct identifications of said portions and of said plotting means for each company comprise a distinct color, the colors for the different companies being different.

5. A game apparatus comprising a multiplicity of pieces representing money,'a multiplicity of pieces representing stock certificates of each of a plurality of companies, a chance means including separate respective indicating means for each of said stocks for determining changes in fortune of each of said plurality of companies, the summation of the indicated changes of fortune for each respective company providing a different probable net change of fortune, each of said indicating means being marked with a distinctive color representing its respective company, and a chart means for plotting curves representing the respective performances of said stocks in a multiplicity of steps beginning with a respective opening price for each of said stocks and terminating after a multiplicity of steps, each step representing an operation of said chance means for each of said stocks.

6. A game apparatus comprising a multiplicity of pieces representing money, a multiplicity of pieces representing stock certificates of each of a plurality of companies, a chance means including separate respective indicating means for each of said stocks for determining changes in fortune of each of said plurality of companies, said chance means being marked to provide changes of fortune as to price of the stocks and as to dividends and assessments whereby a players position in the game may vary with changes in the prices of stock pieces which he holds and in accordance with dividends paid to him and amounts assessed against him on the basis of the respective stocks which he holds, the summation of the indicated changes of fortune for each respective company providing a different probable net change of fortune, and chart means for plotting curves representing the respective performances of said stocks in a multiplicity of steps beginning with a respective opening price for each of said stocks and terminating after a multiplicity of steps, each step representing an operation of said chance means for each of said stocks.

7. An apparatus for a game for a plurality of players based on changes in the fortunes of a plurality of similar items of property symbolically purchased by the players comprising a multiplicity of pieces representing money, a multiplicity of pieces representing shares of ownership of each of the plurality of items of property, a chance means for determining changes in fortune of each of said plurality of properties, chart means for plotting curves representing the respective performances of said shares, said chart means comprising a recording chart board having a chart area representing prices plotted against number of turns of play, a plurality of sets of markers, each set including a multiplicity of markers representing a respective one of the properties, and means for attaching the markers to positions on the board representing the progressive price history of such property during the game in a multiplicity of steps beginning with a respective opening price for each of said shares and terminating after a predetermined number of steps, each step representing an operation of said chance means for each of said properties,

- said chance means having separate indicating means for each of said properties, the summation of the indicated changes in fortune for each respective property providing a different probable net change of fortune, said markers and said separate indicating means for each property having distinct identification different from that of each other property whereby the matching of said distinct identifications and the resultant placing of markers effects the production of a performance curve for each property varying in accordance with chance and subject to the different indicated changes in fortune of the respective property.

8. A game apparatus comprising a multiplicity of pieces representing money, a multiplicity of pieces representing stock certificates of each of a plurality of companies, chance means including a plurality of discrete portions for determining the changes in fortune of each of said plurality of companies each represented by a respective one of said portions, said chance means being marked to provide a different set of indicated changes of fortune for each of said stocks and to provide individual different distinct identification of each of said portions, the summation of the indicated changes of fortune for each respective company providing a different probable net change of fortune, and chart means including individual sets of markers each set provided with a different distinct identification of the respective stock represented thereby for plotting curves representing the respective performances of said stocks in a multiplicity of steps beginning with a respective opening price for each of said stocks and terminating after a multiplicity of steps, each step representing an operation of said chance means for each of said stocks whereby the history of each stock on said chart is controlled in accordance with a different characteristic of performance and each plotted curve is identified for matching with a respective one of the stocks the performance of which is governed by a different chance character istic.

9. An apparatus for a game for a plurality of players based on changes in the fortunes of a plurality of similar items of property symbolically purchased by the players comprising a multiplicity of pieces representing money, a multiplicity of pieces representing shares of ownership of each of the plurality of items of property, chance means including a plurality of discrete portions for determining changes in fortune of each of said plurality of properties each represented by a respective one of said portions, said chance means being marked to provide a different set of indicated changes of fortune for each of-said properties and to provide a distinctive different identification of each of said portions, the summation of the indicated changes of fortune for each respective property providing a different probable net change of fortune, chart means for plotting curves representing the respective performances of said shares, said chart means comprising a recording chart board having a chart area representing prices plotted against number of turns of play, a plurality of sets of markers each set including a multiplicity of markers representing a respective one of the properties, the markers of each set having different distinctive identification means corresponding to respective ones of said property identifications for matching therewith, and means for attaching the markers to positions on the board representing the progressive price history of each such property during the game in a multiplicity of steps beginning with a respective opening price for each of said properties and terminating after a predetermined number of steps, each step representing an operation of said chance means for each of said properties whereby the history of each property on said chart is controlled in accordance with a different characteristic of performance and each plotted curve is identified for matching with its respective represented property.

References Cited by the Examiner UNITED STATES PATENTS Jenkins 273-135 Laidlaw 273-134 ONeill 273-134 Hearle 273-135 White 273-134 DELBERT B. LOWE, Primary Examiner.

E. R. ZACK, Assistant Examiner. 

1. A GAME APPARATUS COMPRISING A MULTIPLICITY OF PIECES REPRESENTING MONEY, A MULTIPLICITY OF PIECES REPRESENTING STOCK CERTIFICATES OF EACH OF A PLURALITY OF COMPANIES, A CHANCE MEANS FOR DETERMINING CHANGES IN FORTUNE OF EACH OF SAID PLURALITY OF COMPANIES, SAID CHANCE MEANS INCLUDING A DISCRETE PORTION OF EACH RESPECTIVE COMPANY AND CHANGES OF FORTUNE INDICATED ON EACH PORTION FOR THE RESPECTIVE COMPANY, THE SUMMATION OF THE INDICATED CHANGES OF FORTUNE FOR EACH RESPECTIVE COMPANY PROVIDING A DIFFERENT PROBABLE NET CHANGE FOR FORTUNE, EACH OF SAID PORTIONS BEING PROVIDED WITH A DIFFERENT DISTINCT INDENTIFICATION, AND CHART MEANS FOR PLOTTING CURVES REPRESENTING THE RESPECTIVE PERFORMANCES OF SAID STOCKS IN A MULTIPLICITY OF STEPS BEGINNING WITH A RESPECTIVE OPENING PRICE FOR EACH OF SAID STOCKS AND TERMINATING AFTER A MULTIPLICITY OF STEPS, EACH STEP REPRESENTING AN OPERATION OF SAID CHANCE MEANS FOR EACH OF SAID STOCKS, SAID CHART MEANS INCLUDING SEPARATE DISTINCT IDENTIFICATION OF EACH CURVE CORRESPONDING, RESPECTIVELY, TO THE IDENTIFICATION OF ONE OF SAID PORTIONS WHEREBY THE MATCHING OF SAID DISTINCT IDENTIFICATIONS OF PORTIONS AND CURVES AND THE PLOTTING OF THE CURVES ACCORDINGLY EFFECTS THE PRODUCTION OF A PERFORMANCE CURVE FOR THE INDIVIDUAL STOCK OF EACH COMPANY. 